October 2024 California Housing Market Update

In California, housing inventory is up from a year earlier but so are home sales. For example, 93% of the counties in the state have more homes for sale compared to a year ago and about half of California’s counties recorded an increase in sales (as of August 2024).

Also, pending home sales rose by 7.7% year-over-year in August and that was the biggest YOY gain since May 2021. Therefore, it appears that some homebuyers are taking advantage of the increase in housing inventory, lower competition amongst other buyers and significantly lower mortgage rates.

This is your latest California real estate market update based on a report from the California Association of Realtors (link below).

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Compilation of Housing Market Forecast videos:

Report I covered in the video:

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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native (DRE 01923240)
Mortgage Loan Officer, NMLS 2566691
Revest Homes (DRE 02174879, NMLS 2362319)

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent and mortgage loan originator with Revest Homes in California (DRE 02174879, NMLS 2362319).

For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Equal housing lender.

#housingmarket #California #CaliforniaRealtor

[straightdrive]

California is just the best state, Home prices only keep going up, you can buy anytime and be assured that there will be ROI on your investment, . can't say that of Florida thou.

[christopherjacob]

As Kenny Rodgers said, ya got to know when to hold em and when to fold em. Just like buying or sell in a house. Total game with luck and timing

[anilaltinay]

Thanks for the video Jason! Following you just for this video :)

[MaddieBr]

I'm beginning to see a few new listings priced 20-30% above comps or same house sales price from 2 years ago. These are not flips. Will keep an eye on them.

[mattanderson]

Excellent analysis
Thank you Sir

Thanks Jason, as always, we appreciate you!

[elenadexter]

My neighbor had the house for sale only for 3 days and it got sold so fast that I was surprised to see the new owner remodel the entire house right away houses in California don’t seat on the market for a long time they sell real quick because there are a lot of people from other states and country’s moving in

[the_DOS]

Lots of new homes coming into the market in Orange county but at high prices than just a few months ago and so they just sit there and lower their price every month. I see 400k reduction from 2 mil to 1.599 and it's still on the market.

[House_hacker_]

California price is up 3% year over year and SoCal is up 4% yoy. Where’s the crash???? The scary part is we’re in seasonal and I expect prices should be down already by 5% but it’s not. So if you’re a crashbro it’s not a good news for you.

[PelicanIslandLabs]

"Crashbro" LMAO at that one! Here along the central Cali coast the crashbros are screaming at their computer screens and feverishly spamming RE forums.

[Pipo]

Simple. If inflation stays above 2%, home price will stay up. If we get a recession and inflation goes below 2% or we have a deflation, home price will drop.

[whatsitlike]

I think crashbro Nick probably cost me some. I bought into his theology for a while. Stupid YouTube algorithm. I finally bought a home last month and will probably end up doing a refi next year.

[kristina-oyzs]

I decided I no longer want to buy in this shit show. God bless those who feel like wasting their money on a shoe box lol